The two major banks listed on the Malta Stock Exchange, HSBC Bank Malta and Bank of Valletta dragged the index lower by 0.297 per cent to 4801.123, extending last week's negative streak.
BOV shares dropped below the Lm3.60 level as a mild selling activity pushed the equity's closing price one cent lower or 0.28 per cent. Activity in the equity was spread across seven deals with 4,660 shares exchanging hands. At the end of the session best demand stood for 250 shares at Lm3.59,1 against a supply of 3,836 shares at Lm 3.72.
HSBC shares lost the same amount as its main rival, following a decrease of one cent. The equity closed at its intraday low of Lm1.87, as the highest number of deals were executed in the share.
As the closing bell rung, a further 2896 shares remained outstanding on the offer side at this price, against demand for 1,600 shares at Lm1.87,1.
Datatrak Holdings managed a rare feat as the equity listed on the Alternative Companies list was the day's best performer. The share gained 1c7 which equates to a significant 6.42 per cent, to see its trading day off at 28c2.
The trade finance specialist - FIMBank - was the only other share apart from Datatrak that closed in positive territory, following the exchange of two deals at the Lm1.92 level, same price at which the equity closed.
A relatively minute deal of 400 shares in Malta International Airport saw the equity shed two cents, as the single deal struck pushed the closing price to a low of Lm1.36.
Elsewhere in the regular market trading in the most recent addition to the local equity market, Grand Harbour Marina and Maltacom shares had no monetary impact of the shares' previous closing prices. The latter was expected to report on its full year performance for the year ended December 31, 2006 after the close of the session.
Bid news leave a positive effect on European equities
Yesterday, European equity markets were higher as merger-related gains offset losses for heavily-weighted financial stocks. By midday, the FTSE Eurofirst 300 was up 0.3 per cent as was Frankfurt's Xetra Dax. The CAC 40 in Paris added 0.1 per cent.
London equities recovered from initial losses, as banking, telecoms and property stocks made headway. Property stocks dominated the list of gainers after a bullish note on the sector from analysts at HSBC. The FTSE 100 threw off a cautious start to the second quarter, to rise 0.2 per cent in midday trade, with the mid-cap FTSE 250 up 0.3 per cent. Gains on the second tier index were underpinned by continued hopes for deal making in the house building sector.
Japanese stocks reversed early gains to end sharply lower, as investors digested the softer-than-expected results from the Tankan survey of business confidence. The Nikkei 225 fell 1.5 per cent to 17,028.41, after falling below 17,000 for the first time since March 19. The broader Topix index was down 1.8 per cent at 1,682.49.
US stock-index futures were little changed as investors speculated a report on manufacturing may add to evidence that economic growth is slowing.
The financial news was compiled by Valletta Fund Management (Tel. 8007 2344) and Bank of Valletta plc (Tel. 2131 2020). BOV and VFM are licensed by the MFSA to conduct investment services business.